Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - Georgetown Bancorp, Inc. | form8k-113072_gtwn.htm |
| EX-10.1 - EXHIBIT 10.1 - Georgetown Bancorp, Inc. | ex10-1.htm |
EXHIBIT 10.2
GEORGETOWN SAVINGS BANK
INCENTIVE COMPENSATION PLAN
2011 GOALS
Organizational Level: Executive
|
Employee:
|
Joseph W. Kennedy
|
Incentive Target:
|
11% ($14,080)
|
|
Title:
|
Senior Vice President/Chief Financial Officer
|
Current Salary:
|
$128,000
|
The dollar figures presented in this example are estimates. Incentive payments will be based on the employee’s base compensation, which includes actual straight-time pay (excludes overtime and prior year’s Incentive Compensation Plan payments), jury duty, holiday, vacation, personal and sick pay for the 2011 calendar year.
Minimum Thresholds
In order to receive payment for achievement of the goals listed below, the following thresholds must be met:
|
|
1.
|
CAMELS ratings must remain at one of the two highest ratings at all times during the Plan Year. This will be measured by the OTS.
|
|
|
2.
|
Asset Quality must remain at a level of “Satisfactory” or better at all times during the Plan Year. This will be measured by both internal audit results and OTS rating.
|
Tier 1: Bank-wide Performance
GOAL: #1: Profitability – Achieve ROA
Annual Payout Percentage: 50% = $7,040
|
Goals
|
Payout
|
|
95% of budget
|
$2,347
|
|
At budget
|
$4,693
|
|
106% of budget
|
$7,040
|
|
Stretch Goal
|
|
|
Every .05% over 106% of budget
|
$2,347
|
Tier 2: Team Performance
GOAL #2: Profitability – Achieve Net Interest Margin Percentage
Annual Payout Percentage: 25% = $3,520
|
Goals
|
Payout
|
|
98% of budget
|
$1,173
|
|
At budget
|
$2,347
|
|
102% of budget
|
$3,520
|
|
Stretch Goal
|
|
|
Every .09% over 102% of budget
|
$1,173
|
GOAL #3: Profitability – Achieve Non-Interest Expense Level
Annual Payout Percentage: 25% = $3,520
|
Goals
|
Payout
|
|
2% above budget
|
$1,173
|
|
At budget
|
$2,347
|
|
2% below budget
|
$3,520
|
|
Stretch Goal
|
|
|
Every $144,628 under 2% below budget
|
$1,173
|
Tier 3: Individual Performance
Goals: None
Minimum Level of Expectations
To be eligible for this Incentive Compensation Plan the employee must meet the following:
|
|
·
|
Performing at a satisfactory level or above,
|
|
|
·
|
Not on written warning, and
|
|
|
·
|
Actively employed at the time of the incentive payment.
|
Clawback Provision
The Bank shall have the right to recoup or “clawback” awards paid under this Plan if the Compensation Committee concludes that such awards were based on information that was later found to be materially incorrect, including awards that were determined, in whole or part, on financial statement information that is subsequently restated.